Opportunity Industries are those in which good jobs represent an above-average share of the industry’s total jobs. We want to concentrate our energy on attracting Opportunity Industries in traded sectors where our region’s talent and resources make us competitive for investment. B3K is focused on supporting the growth of businesses in five Opportunity Industries, so that more of our neighbors will be able to move to the middle class, improve their quality of life and improve the overall wellbeing of our region.
What is a Traded Sector?
Traded sectors are one of the three drivers of regional economic competitiveness. They include firms that sell their goods or services to customers outside of our region, bringing new money into our regional economy. Traded sector jobs create a multiplier effect that generates between three and five new locally-serving jobs. Firms in traded sectors perform better in growth, job creation and wages, and they are more resilient to economic downturns.
We need to grow and attract traded sectors that create good and promising jobs to achieve our goals for inclusive growth.
Local Opportunity Industries
We have identified Advanced Manufacturing, Aerospace, Business Services and Energy and Carbon Management as four opportunity industries with the most promise for inclusive growth, in addition to Entrepreneurship. Each industry has an Implementation Team that is tasked with pursuing the growth and maturation of the industry.
Implementation Teams are the catalyst for growth and job creation in our Opportunity Industries. We need the involvement of industry leaders to help identify barriers to growth and plan for strategies to help their businesses and industries grow.